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Kalkine Media ASX Share Market News & Research

Charter Hall Retail Shares Rise 3.5% on Positive Earnings and High Occupancy

February 14, 2025 02:37 AM EET | By Team Kalkine Media
Charter Hall Retail Shares Rise 3.5% on Positive Earnings and High Occupancy
Image source: Shutterstock

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Highlights

  • Steady Income Growth: Net property income (NPI) increased 3%, with shopping centres up 2.5% and net lease retail rising 4.5%.
  • High Occupancy: Shopping Centre Convenience Retail portfolio occupancy remains significant at 98.7%.
  • Positive Guidance: FY 2025 operating earnings forecast at 25.4 cents per share, with distributions expected to match last year's 24.7 cents per share.

Shares of Charter Hall Retail REIT (ASX:CQR) climbed 3.5% to $3.40 on Friday morning following the release of a solid first-half financial report. The convenience retail property owner delivered steady income growth, positive occupancy rates, and positive leasing spreads, reassuring investors about its earnings outlook.

Resilient Financial Performance

Charter Hall Retail reported net property income (NPI) growth of 3%, with its shopping centre segment increasing 2.5% and net lease retail NPI rising 4.5%. The company also maintained a high occupancy rate of 98.7% across its shopping centre convenience retail portfolio, reflecting continued demand for well-located retail spaces.

Specialty leasing remained significant, delivering a 3.8% positive leasing spread, supported by 99 lease renewals (+3.1%) and 44 new leases (+5.9%). As a result, the company posted operating earnings of $73.1 million or 12.6 cents per share for the half-year.

Strategic Investments and Outlook

CEO Ben Ellis highlighted the company’s strategic acquisitions and divestments as part of its efforts to drive future income growth. Notably, Charter Hall Retail’s investment in Hotel Property Investments (ASX:HPI), alongside Hostplus, is expected to further enhance its income growth profile in the convenience retail sector.

Looking ahead, Charter Hall Retail reiterated its FY 2025 operating earnings forecast of 25.4 cents per share, while its distribution is expected to remain at 24.7 cents per share, aligning with the previous year.

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